[ET Net News Agency, 9 June 2020] Citi Research lowered its target price for Xinyi
Glass (XYG)(00868) to HK$11 from HK$13 and maintained its "buy" rating.
The research house said float glass inventory has started declining since early May,
alleviating the pressure on ASP while downstream demand, namely property completion and
ARG (automobile aftermarket glass), has evidently picked up in the past two months.
With the gradual reopening of global economies since May, Citi believes the worst is
over for XYG and its positive medium-to-long term thesis remains intact. Factoring in the
weak 1H numbers and its expectation of sharp 2H recovery, Citi cut its 2020/21/22 EPS
forecasts by 25%/16%/12%. (KL)
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00868 XINYI GLASS
Nominal 
8.200 +0.070 (+0.861%) Others
09/06/2020 17:48
{I-bank focus}Citi lowers Xinyi Glass (00868) to HK$11
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